STEEMUSDT price chart

Would like to take a look at the price chart of steem here in my post today as we look at what have been happening in the market especially that of steem. Really is no suprise the whole cryptocurrency market is kind of in a relative downtrend but it remains to be seen how long that will be.

The price of steem correctly sharply during the Bitcoin dump and since then we haven't yet reach the height we were before the steep correction.

Let's take a look at the chart of steem below on the weekly timeframe.

Screenshot from trading view

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Here on the weekly timeframe steem during the crash came down to the support level on the weekly even attempting to break below but rather wicked below but yet the support held and steem reached a price of $0.1264 sharply even though it quickly rejected but yet that shows Jst how much the bears pushed price down even attempting to push it below a weekly strong support that has stood for long now but they didn't succeed.

We reached the weekly support, wicked and held support and since them steem has been showing healthy signs of recovery as we have already seen 3 weekly bullish candles formed on steems way to recovery even though fingers are still crossed and we are hoping for the best, but from the chart after being supported by the weekly support zone that weekly candlestick that is bullish for like 3weeks now shows the bulls intent to push price higher and take over control from the bears.

From $0.12 low to $0.19 the high even though as of when am writing this we are currently at $0.1791.

Let's go down to the daily timeframe.

Screenshot from trading view

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Well from the daily timeframe we see a buyside liquidity at $0.2170 level but how do we know that price level is rip for sweeping well that's from what's happening on the chart.

The 3 weekly bullish candles formed already played out rather nicely on the daily timeframe as we see steem break above a previous high or resistance level and infact now we are correcting and possibly trying to retest that level the $0.16-0.17 level of which if it holds then it sure shows that the buyside liquidity at $0.22 approximately is the next target on the daily timeframe.

True I expect price after retesting this level to show intent to move up possibly followed by a strong bullish candle off this zone and this will indicate truly that the bulls are in charge and we are looking at higher price levels and atleast a sweep or a run on the next high at $0.2170 level.

Screenshot from trading view

Now from the daily that break above previous high it's indicative of the fact we are turning bullish on the daily and normally I would expect the price to continue up after the retest of that level but then we might still come below and still be bullish as long as we don't break below the low, if we don't continue higher after retesting that level then perhaps the orderblock zone around the $0.15-0.17 level would hold price from going further down of which we are still bullish if it holds.

So generally I expect price for retest that strong level, possibly reject and continue up.

Some positive news are kind of creeping into the market, we heard China has removed ban on bitcoin mining, we also hear about cryptocurrency payment acceptance in Dubai, Russian favoring cryptocurrency, Trump posing as a cryptocurrency enthusiast and since Bitcoin has been recovering and any major positive news now could well set price in the right direction as the chart indicates.

We are already deep inside Q3 and Q4 is approaching soon and it's entering the time and season we expect some major move that's expected in a bull season and ofcourse if that's the case then this might just be the beginning or the start of steems journey up in this bull run.

If Bitcoin is up sooner or later Altcoin would follow, for me though based on the chart I expect steem to soon take out $0.2170 level and hopefully continue up, I will really be confident of that happening if we bounce off that retest level with a strong bullish engulfing candle them we know that the bulls are in charge, till then we watch.

Thanks for reading through.

Note: This is not intended to be a financial advise